What do you think is the most valuable asset of the company? Your productivity? Employees? Whether you chose the first choice or the latter, it is undeniable that both are valuable. However, branding takes that position for so many reasons. Branding is an intangible asset which may not be directly turned into cash, but it carries great weight and influence to your business.
Not convinced? Look at those successful companies that have developed brand strategies which highlights everything they offer, from product development to customer services to their sales and marketing.
With that said, many businesses still fail to achieve, and worst, to build a reputable brand because frequently it is overlooked by business owners. Now that many are getting aware of the branding’s importance. Let’s look into some examples of the branding strategies that you might want to consider to help grow your business.
Every brand has its promises to its consumers. But in a marketplace wherein budgetary vigilance is high and the consumer confidence is low, promises alone wouldn’t be a wise bet against other competitors, but instead, it would be defining your brand’s purpose.
Surely you have thought about things like why are you waking up every day to go work, right? This thought alone carries significant weight. Thus, your branding should be able to cater to this thought, basically speaking, it should serve as a differentiator between you and your competitors.
Take IKEA as an example which emphasizes their willingness to achieve more than just their product’s profitability wherein their vision is all about not only selling furniture but rather, to create a better everyday life. In a costumer’s perspective, this would be an appealing promise and purpose as it demonstrates their commitment to providing value beyond profits and sales.
Flexibility and Simplicity
In this fast-changing market, marketers should remain flexible to stay relevant and compete side-by-side with their competitors. On an advantageous note, this would give you the freedom to be creative and quirky with your advertisements.
Now, if you are thinking on how to be able to ride the tide, then you’re already one step ahead towards establishing your branding since flexibility enables you to adjust with your business’ environment which builds interest and distinguish your approach apart from your competitor.
Look at Simple’s mobile app for banking, as reported by the British Banker’s Association, the average UK banking customers view their financial standing via smartphone more than once a day. In this modern age where everything is simple, fast, and efficient a mobile app for banking is what we’ll surely go for—who wouldn’t, right?
Simple’s staying their brand on simplifying projects even further, which caters their target market—the millennials, which mainly values convenience, budget, and beauty. With this said, Simple’s brand has identified an apparent unmet need within the marketplace making their approach different from the rest of the competitors.
Look at Apple. This company might be the perfect example of how a brand utilizes emotions to create a connection with consumers which results in brand loyalty over time. Apple’s branding strategy mainly focuses on a simple yet clean design but has a desire to become a part of a lifestyle movement.
By creating a way for the consumers to have an opportunity to feel like they are a part of a larger group, Apple can position themselves as an obvious choice for smartphones. But why? How does emotional branding convince the market to buy a particular product?
Researchers Baumeister and Leary stated that people have a basic psychological need to feel intimately connected with other people, which is a significant part of human behavior. Another theory is from Maslow’s hierarchy of needs wherein belongingness is categorized as a human need.
Consistency in your brand strategy is an effort in giving your brand a platform to stand on. It serves as a solid ground for your branding which contributes to brand recognition that fuels customer loyalty. The key to this strategy is to avoid any unnecessary things that are unrelated to the enhancement of your brands such as useless remarks or Facebook posts that would confuse your audience.
Take a look at Coca-Cola, as a result of their consistency, every element of its marketing works harmoniously which in return, made them one of the most recognizable brands in the world. Even on their social media accounts their marketing ads and quirky remarks are all in alignment with their purpose and brand.
Building a solid foundation for a business’ branding is often overlooked since business owners would mainly focus on the company’s logo, name, and placement of the company, which is also are essential elements in making a business successful.
However, don’t forget about how establishing a good ground for your brand drastically help in growing your business. As such, it is also important to remember your business’ signs and use it to your advantage like catching the potential customers’ attention through incorporating neon lights or being creative. One example is shield co artistic signs whose aim is to make your business stand out further from the rest of your competitors.
Guest contribution by Rebecca Nelson, a freelance creative writer. Her experience in digital marketing coupled with an interest in tech entrepreneurship makes her a fine contributor in the field of business and internet marketing.
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